#agitproptheatre

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Savage Cannibal Capitalism’s Dr. Jekyll and Mr. Hyde — The Piramal Scenario

Savage Cannibal Capitalism’s Dr. Jekyll and Mr. Hyde — The Piramal Scenario

[debaprasad]

From Issuer Pays to Polluter Pays: Unearthing Piramal Pharma’s Credit Ratings

From Issuer Pays to Polluter Pays: Unearthing Piramal Pharma’s Credit Ratings

[once-in-a-blue-moon2021]

From Issuer Pays to Polluter Pays: Unearthing Piramal Pharma's Credit Ratings

Posted on 16th January, 2026 (GMT 01:48 hrs) ABSTRACT Piramal Pharma Limited (PPL), demerged from Piramal Enterprises in 2022, enjoys high investment-grade credit ratings (e.g., CARE AA; Stable upgraded July 2025) under the issuer-pays model, which critics claim manufactures trust to enable cheap borrowing despite severe financial strain—Q2 FY26 revenue down ~9% to ₹2,044 crore, EBITDA crashed…

From Issuer Pays to Polluter Pays: Unearthing Piramal Pharma's Credit Ratings

[debaprasad]

One Rupee, Piramal Finance, and the Ruins of DHFL: A Letter to Mr. Ajay Piramal

Posted on 9th January, 2026 (GMT 03:55 hrs) ABSTRACT This open letter to Ajay Piramal interrogates the moral dissonance between Piramal Finance’s “Neeyat” advertising campaign, which celebrates honesty through the return of a single rupee, and the lived reality of DHFL depositors whose life savings were erased through a deeply contested insolvency process. By juxtaposing corporate…

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Piramal Finance and the Rating Ruse: How India’s Credit Rating Agencies Manufacture Trust to Enable Systemic Expropriation

Posted on 6th January, 2026 (GMT 11:12 hrs) Compiled by DHFL Victim⤡ ABSTRACT In India’s deeply captured financial regime under prolonged BJP-NDA rule (2014–2025), credit rating agencies (CRAs)—dominated by the CRISIL-ICRA-CARE triopoly—have degenerated from purported risk sentinels into systemic enablers of crony expropriation, perpetuating a predatory cycle of manufactured trust, retail…

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When AA+ Means “Ask Again”: Manufactured Ratings, Piramal Finance, and the Credit Ratings Trap

Posted on 6th January, 2026 (GMT 01:36 hrs) Authored by DHFL Victim⤡ ABSTRACT Despite glowing CRISIL AA+/Stable ratings, Piramal Finance’s strength is an illusion built on conflicted issuer-paid ratings, legacy DHFL fraud asymmetries (₹45,000 Cr recoveries valued at Re 1, massive retail haircuts), governance controversies, political proximity, and a backdoor listing that bypassed scrutiny.…

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[once-in-a-blue-moon2021]

Fictitious Capital, Felt Consequences: A Market Check-In for the Piramal Empire

Posted on 5th December, 2025 (GMT 02:58 hrs) ABSTRACT This letter-cum-article presents a public-interest reflection on recent market developments surrounding Piramal Group companies and the wider governance questions they have sparked among investors, analysts, and civil society. Drawing on publicly available financial data, media reportage, and long-circulating discussions in the public…

Fictitious Capital, Felt Consequences: A Market Check-In for the Piramal Empire

[once-in-a-blue-moon2021]

The Big Picture of a Philanthropic Façade: Inside the Piramal Empire

Posted on 29th November, 2025 (GMT 08:15 hrs) ABSTRACT This article offers a critical exploration of the Corporate Social Responsibility (CSR) and philanthropic landscape surrounding the Piramal Group, with particular emphasis on the Piramal Foundation and its mastermind tycoon Ajay Piramal. It highlights the stark contradictions between publicly espoused moral principles and documented…

The Big Picture of a Philanthropic Façade: Inside the Piramal Empire